I debated even posting this at all but everyone is already talking about it and maybe it will encourage someone reading it to get help if they too are struggling. On Thursday, a recently-hired audit associate working out of KPMG’s New York City office at 345 Park Avenue committed suicide. There appears to be just […]
Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [Financial Times] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month. Under German law, Apas can only probe and sanction […]
The anti-WFH, pro-RTO propaganda has chilled out a bit in recent months as boomer and boomer-adjacent Gen X CEOs wait out the next big recession but even those pinstriped menaces in the C-suite who think all remote work is the domain of the lazy can appreciate this info we are about to share with you. […]
I was cleaning out pics on my phone and was reminded of something I saw on Reddit a few weeks back: a screenshot of someone’s many, many, MANY CPA exam attempts over twelve years. Most people would have given up around the tenth attempt but this person persisted. And persisted. And persisted. So if you […]
EY has been tightening the purse strings over the past several months ahead of the big Project Everest split, the vote on which remains delayed and should happen before the end of this quarter. The firm did not hand out mid-year bonuses in December and sources say that travel, training, and even hiring are on […]
Last week the Chicago Bears introduced Kevin Warren, most recently commissioner of the Big Ten Conference who also has 21 years of experience as an NFL team executive, as the franchise’s fifth president and CEO in its 103-year history. Warren succeeds Ted Phillips who is retiring after 40 seasons with the Bears, including the last […]
KPMG Vice Chair Greg Engel has been having trouble sleeping lately. It isn’t climate change or social justice or the price of eggs keeping him up at night, like most accounting leaders he is consumed by the talent shortage. No really, that’s what he told CFO Dive. Not to worry, Engel has hope. Hope that […]
When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules1, accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!” The grief is understandable, although we’re not sure how “good” it is. The […]
It’s been three and a half years since we first found out about the sexist seminar in which women in leadership positions at EY were told that women’s brains are like pancakes and soak up information like syrup. The exact quote from that training to refresh your memory: Women’s brains absorb information like pancakes soak […]
Based on the 2021 PCAOB inspection reports we’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent […]
Feb. 1 will be a big day at the 15th richest public accounting firm in the U.S. as 19 people will be admitted into the partnership at CohnReznick. “As CohnReznick continues to expand its capabilities and market presence, recognizing the talents and achievements of outstanding professionals is critical to our growth strategy,” said CohnReznick CEO […]
RSM International CEO Jean Stephens spoke to Financial Times recently and let everyone know that her firm is totally open to a little wheeling and dealing that would bump them up from their current spot as the sixth largest firm (#5 on the IPA 500). Coincidentally, RSM just released their revenue numbers and they are […]
Tiny little Southfield, MI firm Clayton & McKervey won’t be making Vault prestige lists any time soon but it is doing something to support its people through the process of getting the necessary 150 units for licensure: offering scholarships. Ranked #259 on the INSIDE Public Accounting Top 500 with revenue of $16,392,083, Clayton & McKervey […]
Last week someone complained about the format I’ve been using for this linkwrap since I started doing it many, many Mondays ago so just for them, here’s some bullet-free bullet points in lieu of one giant paragraph. Don’t say I never did anything for you. Brazilian retailer and PwC client Americanas filed for bankruptcy, its […]
When big layoffs began in tech last year, accountants everywhere justifiably celebrated for having chosen a career that may not be the most prestigious (or exciting or lucrative…) but will always be in demand. While their employees were quietly boasting about not losing their jobs, it seems EY leadership was waiting in the wings hoping […]
Practice Management How firms use stay interviews to boost retention [Journal of Accountancy] Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves. They’re conducting “stay” or “retention” interviews with existing employees. The goal is to understand how they can be […]
You ever been in a position where you’re juggling a few different offers from roughly equivalent firms? Of course you have. What factors do you consider when making this important decision? Salary, obviously. Culture, perhaps. Was the guy who interviewed you a dick? That definitely rates. What about commercial real estate? Anyone? MCM CPAs & […]
The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Pretty sure some of these people showed up in Accountants Behaving Badly, an irregular feature we […]
Life at Deloitte was trumpeting an appearance on Glassdoor’s latest Best Places to Work list yesterday so naturally we swung over to the list to see what’s what. At @Deloitte, we’re committed to our people’s professional & personal well-being. That’s why we’re thrilled our organization has been named one of the Best Places to Work […]
Someone sent us this r/accounting thread on returning to the office the other day and wanted to make sure we call out one comment in particular. You’ll see why in a second. The question of what would motivate you to go back to the office has been asked before, in a multitude of ways, and […]
Big 4 firms spit out all kinds of research — very little of which rates a mention beyond maybe somewhere in a linkwrap if that — but this research from KPMG we’re about to share with you (which we did bury in a linkwrap some weeks back) deserves a callout of its own. Not because […]
This story was highlighted in yesterday’s Monday news brief but it deserves its own spot so that future generations might Google “Big 4 abusive practices” and stumble upon it. Financial Times reported that the labor ministry of Spain sent inspectors to the Madrid offices of Deloitte, EY, KPMG, and PwC back in November in the […]
The following message we’re about to share with you was sent out as a firmwide email from then-Chairman Dennis Nally to everyone at PwC almost exactly 15 years ago to the day. To my knowledge it’s never been published here, because back when it went out to everyone working at PwC US in January 2008, […]
An accountant used his position in the accounting department of the Volunteer Energy Cooperative (VEC) in Tennessee to steal nearly a million dollars, he used a refund scheme to transfer money into his personal checking account and make payments to his credit cards and his wife’s credit cards. A discussion about money laundering in Australia: […]
Big 4 Isio Group inks deal to acquire Deloitte’s U.K. retirement advisory business [Pensions & Investments] Consultant Isio Group agreed to acquire Deloitte Total Reward and Benefits, the U.K. pensions advisory business of Deloitte, a spokesman confirmed Wednesday. Terms of the deal were not disclosed. The transaction, which is subject to regulatory approvals from the […]
NPR has a strange story of a Canadian accountant and a firm with time tracking software installed on work laptops that should give remote workers pause before submitting their next time sheet. NPR: When Canadian accountant Karlee Besse was fired for being unproductive at her job, she found herself up against not only her former […]
Of the six 2021 PCAOB inspection reports released before the holidays, we’ve so far taken a look at five: PwC, Deloitte, EY, KPMG, and BDO USA. The last of the bunch belongs to Grant Thornton. We didn’t save the best for last, but it’s not that bad either. From 2016 until its 2020 inspection report, […]
How many times can we reuse this stupid Deloitte billboard picture? Deloitte US announced this morning that Jason Girzadas has been selected as chief executive officer and Lara Abrash has been selected as the chair of the board, beginning June 4, 2023, subject to a partner ratification vote. Jason succeeds outgoing CEO Joe Ucuzoglu who […]
Although EY’s 13,000 partners have yet to vote on the audit/consulting split, the firm continues to march ever onward toward separation, announcing in December that Global Chairman and CEO Carmine Di Sibio would head up consulting and US chair Julie Boland will oversee audit. And a few days ago Financial Times reported that EY has […]
Who penetrates networks in the dark with a hood over their head? Silly. h/t @cbriancpa for tweeting this story out Hackers are claiming they gained access to a database with more than 140,000 emails and passwords from the AICPA according to Cybernews, the only outlet reporting on this as yet. We have reached out to […]
Moss Adams admitted 36 lucky boys and girls into the partnership last week, topping last year’s new partner class of 34 and more than double the class of 2021. “Our newest group of admitted partners exemplifies our focus on providing holistic services that help our clients succeed,” said Eric Miles, CEO and chairman for Moss Adams. […]
Ed. note: a previous version of this article included “Rumor” in the headline. As it is considered confirmed, we’ve removed it. Update at the bottom. Back in August when it was announced that Guidehouse would be buying Grant Thornton’s public sector advisory practice, we wondered out loud if layoffs might be expected as they so […]
The following article was in a recent CPA Letter Daily sandwiched between a JofA piece on how Latino CPAs found strength in numbers (pun intended?) through the ALPFA and BPM transformation officer Lindsay Stevenson talking about remote work and change fatigue on the JofA podcast. Like many articles in this vein, this Bloomberg piece encourages […]
Jan. 1 was a big day for 109 overachievers at RSM US as their long journeys in public accounting finally culminated in being promoted to partner or principal. The class of 2023 has the most members by far in recent years, topping the 88 new partners and principals in the class of 2022, followed by […]
This lady is going to be on hold for a long time, her phone isn’t even plugged in to the wall. The GOP-led House voted 221-210 on Monday to eliminate almost 90 percent of $80 billion in new IRS funding under the Inflation Reduction Act, much of which is supposed to be used to fund […]
I was going to make some kind of Sense8 “canceled before its time” joke about Netflix’s last CAO leaving after just three months alas nothing came to me which is probably for the best because it would have been a stupid joke anyway. Deadline reports that Netflix has found a new CAO, hopefully this one […]
In a Bloomberg Law article that looks suspiciously like a thinly-veiled advertisement for Philadelphia law firm Cozen O’Connor, Cozen CEO Michael Heller outlines his firm’s business strategy — “We don’t want to be the firm that pays the highest salaries when times are great, terminates the associates when times are bad and then just keeps […]
Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. KPMG chief economist Brendan Rynne said the key emerging obstacle that the firm found in its […]
2022 was not exactly a banner year for accounting but if you don’t count the collapse of FTX, it wasn’t terrible for public perception either. Oh wait, there was that whole EY cheating thing. And a big IRS raid tied to tax incentives. That’s it though right? IDK, if I missed something big let me […]
Wooooo it’s the first Footnotes of 2023! Here’s what’s going on, there’s not a whole lot of it: Long Read FTX Customers Take Enron, WorldCom Path in Legal Fight for Cash [Bloomberg Law] FTX customers going outside bankruptcy court to recover losses from Sam Bankman-Fried’s failed crypto empire are using a legal path that has […]
Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. We selected for review 30 audits of issuers with fiscal years generally ending in […]
A little data point for you to feast on as we go forth into the new year: the PCAOB levied record fines of $11 million in 2022, more than $8 million against KPMG alone. 2022 was also the year the PCAOB handed out the largest civil money penalty against an individual in PCAOB history ($150,000). […]
What’s next for the metaverse and what — if anything — should you do about it? PwC has answered the question no one is really asking in its 2023 metaverse predictions. These predictions are, as you’d expect, dumb made assuming that businesses and consumers alike will begin using the metaverse in earnest rather than making […]
Googling “accounting firm” as I do each and every day multiple times a day in the hopes today is the day that something interesting happens in the accounting profession, I came across this ad looking for an actor to serve as “accounting firm spokesperson” in a client onboarding production. Anyone wanna make $75 an hour? […]
Ed. note: I couldn’t find a good image to go with this post so I’m using this dog. Dogs are always good. According to the AICPA, a traditional four-year undergraduate program is not adequate for obtaining the requisite knowledge and skills to become a CPA. The reasons offered for this center around the increasing complexity […]
The last of the 2021 Big 4 PCAOB inspection reports belongs to KPMG, which has had the highest audit deficiency rate of the four firms for six out of the previous seven years—the lone exception being 2019. Make that seven out of the last eight: In the 2021 inspection of KPMG LLP, the PCAOB assessed […]
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Pay extra close attention to accounting firm press releases this year, they will be packed with claims of record applicants, excess hiring, and huge numbers of incoming interns. Why? Firms have a vested interest in acting as if teams are fully staffed and everything is OK because were they to admit things are decidedly not […]
In what was a particularly dry day for news seeing as it was the first Monday of a new year and nothing ever happens in accounting anyway, yesterday’s Monday accounting news brief included a story ripped from BBC about Deloitte lowering the temps at its UK offices as policy. I shall endeavor to copy and […]
While the PCAOB has been on a mission to scare the pants off of auditors everywhere in the past year with record fines and scary speeches, the Financial Accounting Standards Board took a much more chill approach to 2022. A Thomson Reuters piece published last week informs us that FASB ended the year having issued […]
Welcome to 2023! You made it! So happy to see you. Let’s see if anything happened while I was gone last week. … Wow, nothin’ huh? Alright, this news brief is going to be extra brief I guess. Deloitte has lowered its UK office temperatures by 2 degrees Celsius (35.6 degrees F) to cut costs […]
With just seconds left in 2022 (this is scheduled to publish on 11:59 PM on December 31st), let’s take a quick look back on the ten stories that seemed to have the most buzz this past year. Some may be surprising, EY gets way too many mentions, and a lot of people were interested in […]
From the Los Angeles Times today: During the years in which Trump battled disclosure, much of the information he sought to keep secret about his pre-presidential finances became public anyway, largely from a 2020 New York Times investigation. The picture that emerged showed that for all Trump’s claims to be a great businessman, his core businesses […]
Next up on the PCAOB’s hit list is EY, whose 2021 inspection report was released on Dec. 19. The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. After having a not-great audit deficient rate of 31% in its 2017 inspection report, EY’s error rate had dropped […]
As seen on LinkedIn and Instagram: Deloitte and ServiceNow have a partnership/alliance so that’s why both brands are on the shoes. Anyone got a pair? Related article: Would You Rock These KPMG Kicks?
Uh-oh, this cant’t make Joe U., Lara Abrash, and other Deloitte audit folks happy (bold part added by us for emphasis): In the 2021 inspection of Deloitte & Touche LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. We selected for review 54 audits […]
The 2021 PCAOB inspection report season kicked off right before Christmas with the release of a batch of six big ones: PwC, Deloitte, EY, KPMG, BDO USA, and Grant Thornton. It would be tough for PwC to top its 2020 inspection report as it was nearly blemish-free. Of the 52 audits reviewed by inspectors during […]
The 2022 Deloitte Diversity, Equity, and Inclusion (DEI) Transparency Report somehow flew under our radar when it came out in August, probably because Deloitte puts out approximately 263 reports a week and it would be impossible for your average person to read and understand each and every one of them. As the name implies, the […]
The PCAOB added six audit firms—three international, including a KPMG affiliate, and three in the U.S., including Grant Thornton—to its 2022 naughty list on Dec. 22 for not making required disclosures on Form 3. If a PCAOB-registered accounting firm is a defendant or respondent in an administrative or disciplinary proceeding that was initiated by another […]
Remember forums? The younger folks among us may not but those of us in the 35-55 age bracket likely spent some time in the forums of yore talking about cat care and car parts and whatever other nonsense we now discuss on Reddit like civilized people. I don’t spend much time in forums these days […]
CBS News crunched some Payscale data and by some miracle, accounting ranked #52 on this list of the 60 highest-paying majors. Because we anticipate people might ask for proof of this, we have screenshotted accounting’s entry on said list. Text: Accounting isn’t just accounting anymore. Experts must perform multiple functions at once — and that’s […]
Welcome to the last Footnotes of 2022! We appreciate you stopping by as always and hope you get a chance to recharge over the holidays. We will be out of office next week but have scheduled some things to run while we’re gone for those individuals who are severely addicted to accounting shitposts and simply […]
That sound you hear? It’s KPMG leadership breathing a heavy sigh of relief for not being the name attached to audit failure headlines this week. Our lucky winner today is Deloitte. The Financial Reporting Council has fined Deloitte UK more than £900,000 (a cool $1,081,444 Federal Reserve notes) over its shoddy audit work for building […]
Grant Thornton is the latest global accounting firm to announce “we made a shitload of money in 2022” when it released last week its revenue results for the most recent financial year: Grant Thornton International Ltd today [Dec. 14] announced its revenues grew to a record USD7.2 billion for the financial year ended 30 September […]
Exam cheating has been a hot topic in audit ever since EY got fined a record $100 million over the summer for cheating on ethics exams (ironically), and perhaps even before that when KPMG got caught using confidential information supplied to them by a PCAOB insider to improve the firm’s audit inspections years before. It […]
I made my entrée into accounting way back in 2007, at the time my job involved a three-hour roundtrip journey across four Bay Area counties and back and I was looking for something a bit closer to home. Shortly after starting in CPA review, I started seeing more and more “For Sale” signs on the […]
The results are in at BDO, and the fifth largest accounting firm in the world brought in $12.8 billion in revenue during its 2022 financial year, which ended on Sept. 30—an 8.5% increase over last year’s revenue of $11.8 billion. The new guy in charge of BDO globally, Pat Kramer, said, “In the change-dominated world […]
If you said $2,022, you’d be correct! A tipster from CliftonLarsonAllen told us on Monday, “$2,022 is how much the gift was to all employees. Very pleased with it. It was a complete surprise and appreciated by a lot of my colleagues. Especially with some other firms not giving out anything with a potential recession […]
Wayne Berson will be taking pies to the face from BDO USAers for several more years, as he was re-elected last month to his fourth term as Bravo Delta Oscar’s CEO in the U.S. BDO USA, LLP, one of the nation’s premier accounting and advisory firms, announced the re-election of Wayne Berson as CEO for […]
Quick note: there will be no news brief next Monday, we are out for the week and will be running nothing but shitposts, repeats, and tedious top ten lists. Monday Morning Accounting News Brief will resume on January 2, 2023. Please try not to do anything newsworthy between now and then, I have the utmost […]
Big 4 EY Looks at Backup Plans on Split Amid Higher Costs, Slower Growth [Wall Street Journal] Ernst & Young’s leaders are looking at backup plans for the firm’s split to address rising funding costs and a potential slowdown in growth that could imperil the rich payouts promised to partners, according to people familiar with […]
Across the pond, audit fees are up (22% in four years) and apparently the companies paying these fees are unhappy about it. Financial Times has seen a letter written from CFOs at FTSE 100 companies in the UK to their Big 4 auditors that says “[it is] difficult for us to sit quietly as Big […]
Two things to share today. First, Mazars has “paused” crypto work effective immediately. Reports WSJ: Cryptocurrency-trading giant Binance said the accounting firm it uses to reassure customers that their money is safe has paused all of its work for crypto clients, and said the outflows from its platform had swelled to $6 billion. Mazars, a […]
It was 1985 when Italian-born Carmine Di Sibio joined EY as an auditor, 34 years later he would ascend to global chairman and CEO, a role he continues to occupy today. Soon, he might end up leading the consulting business should the firm’s 13,000 partners vote for a consulting/audit split in a few months. Although […]
In a profession already notorious for burnout, staffing crises continue to wreak havoc on the personal lives of accountants everywhere much to the detriment of firms that refuse to turn down work yet lack the warm bodies to get it done. Grant Thornton has a crazy idea to alleviate at least a little of that. […]
Before the House Committee on Financial Services on Tuesday, recently-appointed FTX CEO John J. Ray III gave testimony to back up comments he made to the New York Times last month about FTX being a “complete failure” the likes of which he hadn’t seen in two decades. Back in the day, Ray was chairman of […]
Well, well, well, KPMG had a 14% increase in global revenue in its 2022 fiscal year that ended Sept. 30—the second largest year-over-year increase in revenue among the Big 4 firms behind Deloitte’s 18.1%. And of course there’s a press release: KPMG International announces strong annual aggregated revenues for KPMG firms globally of US$35 billion […]
Another day, another scathing speech from PCAOB Chair Erica Williams. Today it’s from prepared remarks given at the AICPA & CIMA Conference on Current SEC and PCAOB Developments on Monday. First, let’s talk about why she’s mad. On December 8, the PCAOB issued a concerning staff Spotlight report about an increase in the percentage of […]
The Fall of Wirecard, a Tech Scandal That Rocked Germany, Reaches a Courtroom [New York Times] The fraud trial of former Wirecard CEO Markus Braun began in Munich on Dec. 8. Braun and two other former executives face charges of defrauding creditors of $3.7 billion, through false accounting from 2015 until Wirecard collapsed in June […]
On a Friday all-hands call, EYers learned not to expect a bonus from Santa this year. This despite EY having its best year in 20 years. In September, EY announced revenue of $45.4 billion for the fiscal year ended June 30, 2022, an increase of 13.7% from prior year and the most year-over-year growth the […]
“I don’t care how messy your accounting is … you’re definitely going to notice if you find an extra $8B to spend,” tweeted Coinbase Chief Executive Brian Armstrong about FTX. “Even the most gullible person should not believe Sam’s claim that this was an accounting error.” Today we learn that Arkansas is not being hit […]
The PCAOB should be dropping the first batch of 2021 inspection reports soon, and as an appetizer before the main course, the audit cops issued a report Dec. 8 on how the 141 annually and triennially inspected firms did overall during the most recent inspection cycle, in which portions of 690 audits were reviewed. Annnnd […]
News Trump Organization found guilty on all counts of criminal tax fraud [CNN] A Manhattan jury has found two Trump Organization companies guilty on multiple charges of criminal tax fraud and falsifying business records connected to a 15-year scheme to defraud tax authorities by failing to report and pay taxes on compensation for top executives. […]
The latest group of fortune tellers gazing into crystal balls to figure out what accounting salaries will be like next year are from the recruitment firm Hays U.S. In its 2023 salary guide, Hays provides salary ranges for accounting and finance jobs in nine states, plus the District of Columbia. For this article, we selected […]
The PCAOB announced Wednesday it has imposed $7.7 million in penalties against KPMG Colombia (Firm: $4 Million Penalty; Individual: $25,000 Penalty), KPMG UK ($2.6 Million), and KPMG India (Firm: $1 Million Penalty; Individuals: $75,000 Penalty) for a variety of infractions. Failure to cooperate with a PCAOB inspection, cheating on training exams, signing off on blank […]
The Smithsonian American’s Women’s History Museum is still in planning stages and has received a generous donation from Deloitte to support the project. There is of course a press release: The Smithsonian American Women’s History Museum has announced a $1 million gift from Deloitte to support the development of the new museum. The donation establishes […]
Alexandra Newman (Yale University, B.A. 2005 with Distinction in Philosophy; Northwestern University School of Law, J.D. 2010) has penned an article for Yale Daily News that argues — quite well — why Yale needs an accounting program. Any time the discussion of Ivies and accounting comes up, people who aren’t accounting graduates like to remind […]
EY Global Managing Partner Andy Baldwin was on a Reuters Breakingviews podcast recently and in the interview — besides suggesting that other Big 4 firms will follow EY’s lead toward a split despite these other firms saying they have no plans to do that — he made it sound like the split is happening one […]
The Fed isn’t the only one raising interest rates these days. The IRS did too—and it has now for four consecutive quarters, including the first quarter of next year. Beginning on Jan. 1, 2023, the rate for overpayments and underpayments will be 7% per year, compounded daily, for individuals, up from 6% in Q4 of […]
For a good decade we’ve heard about the robots that are going to render accountants obsolete, now we finally get a peek at the glorious technology that will transform the industry as we know it. You should prepare yourself, this advanced technology will have you on the University of Phoenix website ASAP to get a […]
The tech sector continues to lay off talent in droves (don’t worry, it doesn’t affect you) and Indeed has helpfully put together a list of companies looking for tech talent to assist the newly laid off in finding a new gig. At the top of this list with the most jobs? Deloitte and PwC. Interestingly, […]
Ed. note: We received the below letter from an anonymous PCAOB employee who is trying to blow the whistle on what they perceive to be excessive waste and inefficiency at the audit regulator, the gory details of which are described thoroughly in the letter. It has not been edited and is published here on the […]
Getting an internship at PwC is a pretty big deal for college students looking to pursue a career in accounting or consulting. But in human resources? Apparently so, according to the latest ranking of the best HR internships for 2023 by Vault and Firsthand. Only five companies’ internship programs made the list for 2023. Coming […]
As EY continues to hammer out the details of the audit and consulting split, PwC has set its sights on adding EY partners to The New Equation. Lots of EY partners. In October, PwC Global Chairman and 2012 Going Concern Hottest Accounting Firm Leader winner Bob Moritz told the Financial Times in no uncertain terms […]
Last year, PwC UK chairman Kevin Ellis wrote a lovely advertisement article in The Telegraph letting his people know that if they have literally nothing better to do, PwC employees can spend Christmas at the office. He framed it as a kindness for those who may be lonely — or the opposite, ready to beat […]
In an article for CoinDesk, Francine McKenna took a crack at why the FTX debacle happened, and like she always does when there’s really bad accounting at a company going through a financial crisis, who are/were the auditors: It’s not clear why FTX commissioned two different audit firms to audit its 2020 and 2021 financial […]
How is it December already? Not a lot going on this time of year, let’s find some things anyway. Deloitte believes 2023 will be the year of virtual reality. E. Cohen and Company, CPAs of Rockville, Maryland, merged into Marcum effective December 1, adding to Marcum’s presence in the Mid-Atlantic. The PCAOB has been busy […]
Slow news week this week. We managed to find some things worth mentioning anyway as we are experts in slow news weeks (698 weeks and counting!), enjoy. Talent Why People Leave Public Accounting [CPA Journal] Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. Based on my […]
It’s December 2022 and we’re now a good year into “The Great Accounting Shortage,” the depth of which won’t truly be known until the fines start rolling in for piss-poor audit work performed by skeleton crews. So, any day now. I’m sharing this r/accounting post so six months from now we can look back on […]
Remember PPP loans? The Small Business Administration defines PPP as “an SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.” Remember all the layoffs and pay cuts at accounting firms we were meticulously tracking in early 2020? Transparency group OpenTheBooks.com crunched the numbers using Small Business Administration data and found $635 […]
